Tax, Equity, and Fiscal Responsibility Act (TEFRA).
In 1982, the U.S. Congress enacted the Tax Equity and Fiscal Responsibility Act (TEFRA), which established a legal framework for third-party recordkeeping. OrangeBee Money Global (OBMG) operates under this framework as a complementary currency system that uses OBMG money as its medium of exchange.
OBMG money is generally taxable in the year it is earned and must be reported to the IRS, like interest and other income. OBMG recommends that members consult a tax professional.
OBMG is not legal tender as defined by the U.S. Congress. Member accounts are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government or quasi-government agency.